The Fed to Announce Interest Rate Decision This Week
Last Friday, on January 26th, the price of Bitcoin saw a strong surge with the support of the US stock market. Currently, the trading price of Bitcoin is $42,185, with a market value of $827 billion, aiming to reach the next target of $43,000. This week marks a crucial period as the Federal Reserve is set to announce its first interest rate decision for 2024.
Information provided by the Chicago Mercantile Exchange (CME) indicates a strong consensus of 96.9% pointing towards no change in interest rates. However, expectations seem to have shifted for the subsequent decision in March. 47% of significant probabilities suggest the possibility of a 25 basis point rate cut in March. The Fed's interest rate decision will be announced on Wednesday, January 31st.
Investors and analysts are closely monitoring these developments, recognizing the impact of these decisions on various sectors of the economy. The decision in March will be crucial, especially considering Bitcoin's next halving in April 2024. Any rate cut before the halving could potentially provide significant support for the price of Bitcoin.
As the Fed makes its announcement, the US is preparing to release key economic data including the unemployment rate for January. The unemployment rate is an important metric providing information about the health of the labor market and influencing overall economic sentiment. As the week progresses, market participants will closely watch these events for signals about monetary policy and the direction of the US economy.
Will Bitcoin Price Rise in February?
The launch of a Bitcoin ETF in the US earlier this month was a historic milestone for the crypto community. However, the price of Bitcoin has faced selling pressure, dropping to $38,000 in January. Nevertheless, there may be some recovery in the price of Bitcoin in the upcoming month of February.
Historical data shows a consistent trend for Bitcoin in February, with no significant negative returns since 2020. According to statistical data, from 2011 to 2023, Bitcoin has shown a significant average performance of 14.5%, with a median value of approximately 12.2%.
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